Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities    
Net loss $ (2,272,101) $ (1,140,360)
Adjustments to reconcile net loss to net cash used in operating activities:    
401(k) stock 18,976 16,462
Options and warrants 83,054 168,649
Noncash lease expense 53,325
Gain on foreign currency translation (182,922) (19,003)
Unrealized investment losses 399
Depreciation and amortization 46,219 36,930
Amortization of debt discount 551,441
Provision for (recovery of) uncollectible assets 94 (6,284)
Forgiveness of PPP Loan (242,486)
Decrease (increase) in assets:    
Accounts receivable (272,116) (148,579)
Employee advances 2,080
Inventory (92,564) (85,825)
Deposits 20,585
Prepaid expenses and other current assets (207,513) (59,836)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 186,280 (605,840)
Operating lease liabilities (38,892)
Deferred revenue 40,259 (4,246)
Other liabilities (14,866) (5,651)
Total Adjustments 172,855 (934,725)
Net Cash Used in Operating Activities (2,099,246) (2,075,085)
Cash Used in Investing Activities    
Cash paid to acquire GDS, net of cash acquired (7,560)
Purchase of property and equipment (767,068) (16,856)
Purchase of intangible asset (34,999)
Net Cash Used in Investing Activities (809,627) (16,856)
Cash Provided by Financing Activities    
Repayments of loans payable (26,329) (80,413)
Proceeds from underwritten public offering, net of offering costs [1] 7,287,004
Cash offering costs paid for underwritten public offering (319,684)
Proceeds from sale of common stock and warrants 439,000
Net Cash (Used in) Provided by Financing Activities (26,329) 7,325,907
Effect of Exchange Rate Changes on Cash 263,406 98,946
Net (Decrease) Increase in Cash (2,671,796) 5,332,912
Cash - Beginning of Period 3,649,407 134,536
Cash - End of Period 977,611 5,467,448
Supplemental Disclosures of Cash Flow Information:    
Interest paid 108,691 325,402
Income taxes paid
Non-Cash Investing and Financing Activity    
Equity issued to satisfy accrued stock-based compensation expense 27,821
Equity issued as consideration for intangible assets 39,600
Equity issued for purchase of non-controlling interest 231,789
Equity issued for acquisition of GDS 2,194,653
Warrants issued and debt principal exchanged upon modification of convertible debt 731,856
Common stock and warrants issued upon exchange of debt and accrued interest 1,422,068
Series B Preferred stock converted to common stock 9,010,824
Reclassification of deferred offering costs to additional paid in capital 67,016
Common stock and warrants issued to underwriter in public offering $ 297,963
[1] Includes gross proceeds of $8,002,004, less offering costs of $715,000.